No, not anyone can take out a life insurance policy on you.

They must have a financial relationship to you, or be a very close relative. The insurance company requires that someone taking out life insurance on another person must have an "Insurable Interest" in that person.

Someone to whom you owe a large amount of money could take out a life insurance policy on you, so that they would get paid if you passed away.

Or, a relative could take out life insurance on you to help pay...